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The Venture Codex

Conviction

47 Princess Road, London, England, NW1 8JS, United Kingdom

Overview

Conviction is a syndicate of global investors pursuing early stage, SaaS based disruptive tech opportunities. Conviction invests exclusively in post-revenue businesses that are disrupting their domestic markets and show the potential to grow into global enterprises with $100m revenue lines.   The Conviction partnership is led by founding shareholder Andrew Jenkins, who has invested in disruptive technologies for 10 years, most notably Mimecast, which is now Nasdaq listed at over $2bn.  Andrew is supported by Jeremy Middleton CBE, Managing Director of successful private investment company Middleton Enterprises Limited, and co-founder of home emergencies repairs business HomeServe plc, now a FTSE 250 company valued at over £2.5bn.

Total investments
57
Lead investments
7
Investments · 12mo
26
Active investors
2

Sector focus

  • B2B
  • Professional Services
  • SaaS
  • Venture Capital
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Investment portfolio

  • Intelligence.ai

    Participated · Seed · Aug 2026

    Intelligence.ai is developing DesignArena and is positioned as an AI company. The startup has a team of 10 people. It reported very rapid financial growth, increasing revenue from $5M to $60M ARR over a six-month period. The company also reported a global user base of 5.5 million users across more than 190 countries. To support its plans for DesignArena, Intelligence.ai completed a $7.9M seed raise led by Index Ventures with participation from Conviction, A_StarVC, and Combinator. The announcement did not disclose additional product details, a valuation, or prior funding rounds.

  • Trajectory

    Participated · Series A · Aug 2026

    Trajectory operates as a research and product lab focused on building a continual learning platform for AI-native companies. Its platform is designed to replace static models with an intelligence layer that becomes smarter with every user interaction. The company is led by CEO Ronak Malde and maintains partnerships with firms including Clay, Harvey, Decagon, Mercor and Rogo. In May 2026 it raised $15M in a Seed round led by Conviction with participation from Bessemer Venture Partners, Radical VC, BoxGroup and prominent angel investors. Trajectory plans to use the new capital to expand operations and accelerate product development. No prior funding rounds or financial metrics were disclosed in the announcement.

  • DesignArena

    Participated · Seed · Aug 2026

    DesignArena began days before its founders’ college graduation in 2025 and evolved from experiments to make AI-generated games more enjoyable into a broader human-evaluation platform. The product presents users with A-vs-B style comparisons across formats (websites, images and other visual media) so human preferences can be recorded and used by model developers. The platform has reached 5.3 million users and, per the report, is generating roughly $60 million in annual recurring revenue. Enterprise customers — including frontier AI labs — pay for access to the continuous human feedback that complements automated benchmarks. The company’s users are required to log in, enabling tracking of tastes over time and across regions, which the team says reveals stylistic differences by market. The article notes competitors and adjacent players in the human-evaluation space but highlights DesignArena’s early commercial traction and enterprise adoption.

  • Valar Atomics

    Participated · Equity · Aug 2026

    Valar Atomics is developing advanced nuclear reactors intended for scalable deployment and is pursuing clusters of small reactors—sometimes called "gigasites"—to serve high-demand users such as data centers and manufacturing. Founded in 2023 and based in California, the company is also exploring applications beyond grid electricity, including producing synthetic fuels and supplying industrial heat. Its technology and commercial approach target energy-intensive industries and the growing electricity needs driven by AI infrastructure. Financially, Valar recently raised approximately $450 million (about $340 million equity and $110 million debt) at a reported $2 billion valuation, following a prior $130 million raise in 2025. The company is backed by defense-tech investors including Palmer Luckey and Shyam Sankar.

  • Onyx Security

    Participated · Series B · Jul 2026

    Onyx Security is developing an agent-native security and governance platform that continuously discovers enterprise AI agents, inspects every step of their reasoning, and intervenes when necessary to block, require human approval, or redirect agent actions. The unified control plane gives security teams visibility, posture management, and runtime protection, while helping governance teams satisfy regulatory requirements and enabling infrastructure teams to optimize cost, accuracy, and latency. Executives can also track AI adoption and performance metrics through the same dashboard. The system is powered by proprietary supervisory agents and in-house AI models purpose-built to understand and manage other agents in real time. Co-founded by cybersecurity veteran Maxim Bar Kogan and former Nvidia AI researcher Gil Elbaz, the company already serves multiple Fortune 500 customers and employs more than 70 people across Israel, the United States, and Canada. Headquartered in New York and Tel Aviv, Onyx plans to use its new capital to expand product and engineering teams, build additional AI models, and scale go-to-market efforts. The business has raised $40 million to date but has not publicly disclosed revenue or user numbers.

Team